History

History
Year Milestones
2014 Sale of Dover Interests: Athabasca sold its 40% interest in Dover for net proceeds of $1,184 million.
2013 Regulatory Application (May): Athabasca submitted a 70,000 bpd regulatory application for the Hangingstone Expansion. The Hangingstone Expansion is planned in two phases of 40,000 bpd and 30,000 bpd respectively.
2012 Land Position: With additional P&NG and oil sands leases through asset acquisitions and crown land sales, by the end of 2012, Athabasca held over 4.3 million net acres of oil leases in the deep basin and Athabasca regions of Northern Alberta.
  Light Oil Drilling: In 2012, Athabasca drilled 46 horizontal wells and completed 44.
  Name Change: In May 2012, Athabasca Oil Sands Corp. became Athabasca Oil Corporation to better reflect the 50/50 targets of the company between the two divisions of light oil and thermal oil.
  Sale of MacKay Interests: Athabasca sold its 40% interest in MacKay for a purchase price of $680 million.
2011 Land Position: With additional P&NG and oil sand leases through asset acquisitions and crown land sales, by the end of 2011, Athabasca held over 3.5 million net acres of oil leases in the deep basin and Athabasca regions of Northern Alberta.
  Light Oil Drilling: Athabasca launched an extensive five rig drilling program targeting the liquids-rich Montney, Nordegg and Duvernay formations in northwestern Alberta. In 2011, Athabasca spudded 19 horizontal wells and one vertical well.
  Regulatory Application (October): Athabasca filed a regulatory application for a 6,000 bpd TAGD demonstration project in the Dover West Leduc carbonate formation.
  Halfway Creek Acquisition (September): Athabasca acquired an additional working interest in Hangingstone amounting to 24,640 acres.
  Reserves (June): Athabasca increased its reserve estimates by 10% to 9.67 billion barrels of contingent resources (best estimate) over its oil sand assets.
  Regulatory Application (March):  Athabasca filed a regulatory application for a 12,000 bpd project which will be the first phase of the Hangingstone thermal oil development.
2010 Land Position: In the second half of 2010, Athabasca acquired over 1.0 million acres of conventional oil and natural gas rights targeting numerous mineral formations including Nordegg, Montney Duvernay in the deep basin.  Athabasca finished the year holding over 2.5 million acres in oil sand and P&NG leases in the deep basin and Athabasca regions of Northern Alberta.
  Regulatory Application (December): The joint venture between Athabasca and PetroChina submitted a regulatory application for a 50,000 bpd thermal oil project at Dover with approval expected late in 2012.
  Acquisition of Excelsior (November): Athabasca acquired Excelsior Energy for $133 million. The strategic acquisition brought the Hangingstone asset to a commercial size for development.
  Initial Public Offering (April): Athabasca went public on the Toronto Stock Exchange raising $1.3 billion in gross proceeds
  Sale of Assets to PetroChina (February): Athabasca completed the sale of a 60% working interest in two oil sand projects, Dover and MacKay River for gross proceeds of $1.9 billion.
2009 Land Position: Despite selling 60% of two asset projects, Athabasca maintained a strong land position, continuing to hold over 1.6 million net acres of oil sand lease in Northern Alberta.
  Regulatory Application (Q4): Athabasca submitted a 35,000 bpd regulatory application for the first commercial phase of the MacKay River thermal oil project. The MacKay River is expected to support 150,000 bpd of production upon completion of the phased project.
  Reserves (June): Athabasca increased its reserve estimates by 50% to 10.3 billion barrels of contingent resources (best estimate) over its oil sand assets.
2008 Land Position: By the end of the 2008, Athabasca held 1.7 million acres (1.3 million net) of oil sand leases in the Athabasca region.
  Reserves (June): Athabasca increased its reserve estimates in the second quarter to 6.9 billion barrels of contingent resources (best case) over its oil sand assets
2007 Land Position: By the end of 2007, Athabasca significantly expanded their land position by obtaining an additional 400,000 acres of oil sands leases in the Athabasca region. As a result, Athabasca held over 650,000 acres of oil sand leases in just over a year of operations
  Reserves: Independent reserve engineers GLJ Petroleum Consultants and DeGoyler and MacNaughton provided the first independent external evaluation of the Company. Their report confirmed a resource potential of up to 6 billion barrels of recoverable bitumen (best case).
2006 Land Position: The company acquired 215,000 acres of high quality lands in the Athabasca region of Northern Alberta
  Incorporation (August): Athabasca Oil Sands Corp. was founded, incorporated in the Province of Alberta.

 

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